MIRA INFORM REPORT
|
Report No. : |
336052 |
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Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAI LIFE SCIENCES LIMITED (w.e.f. 28.05.2012) |
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Formerly Known
As : |
SAI ADVANTIUM PHARMA LIMITED (w.e.f. 30.08.2006) SAI
LIFE SCIENCES LIMITED (w.e.f. 16.12.2003) SAI
DRU SYN LABORATORIES LIMITED |
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Registered
Office : |
Luxor Park, 8-2-120/86/9/B, Opposite LV Prasad Eye Institute, Road No.2,
Banjara Hills, Hyderabad – 500 033, Telangana |
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Tel. No.: |
91-40-66777555 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.01.1999 |
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Com. Reg. No.: |
36-030970 |
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Capital
Investment / Paid-up Capital : |
Rs.131.992 million |
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CIN No.: [Company Identification
No.] |
U24110TG1999PLC030970 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS03658E |
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PAN No.: [Permanent Account No.] |
AAECS6143F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is an integrated CRAM services provider, and provides
drug discovery, development, and manufacturing services to pharmaceutical and
biotechnology companies. |
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No. of Employees
: |
1175 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5574000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated during the year 1999.
It has a satisfactory track record. For the financial year 2014, the company has possesses healthy financial
risk profile backed by good topline growth and improvement in sales turnover
alongwith profitability margin of 7%. Further, the company has decent financial risk profile marked by
efficient networth position and favorable gap between trade payables and
receivables. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. In view of healthy liquidity profile, the company can be considered
for business dealings at usual trade terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long-Term Bank Loan Facilities: BBB+ |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
24.02.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short-Term Bank Facilities: A2 |
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Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
24.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr.
Lakshminarayanan Sivaramakrishnan Chittor |
|
Designation : |
Chief Finance Officer |
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Contact No.: |
91-40-66777555 |
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Date : |
10.08.2015 |
LOCATIONS
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Registered Office/ |
Luxor Park, 8-2-120/86/9/B, Opposite LV Prasad Eye Institute, Road
No.2, Banjara Hills, Hyderabad – 500 033, Telangana, India |
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Tel. No.: |
91-40-66777555/ 23608222 |
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Fax No.: |
91-40-23542666/ 23555979 |
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E-Mail : |
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Website : |
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R&D Centre 1 : |
11-15-12/4,
Doctors Colony, L.B. Nagar, Hyderabad, Telangana, India |
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R&D Centre 2 : |
DS-7,
IKP, Phase-I, Turakapally Village, Shameerpet, Ranga Reddy District, Telangana, India |
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R&D Centre 3 : |
S.
No.296/7/3 and 4, Industrial Development Area, Bollaram, Jinnaram Mandal,
Medak District, Telangana, India |
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R&D Centre 4 : |
80A,
80B, 82 and 81A, Kolhar Industrial Area, Bidar, Karnataka, India |
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R&D Centre 5 : |
International
Biotech Park, Phase-II, Hinjewadi, Pune, Maharashtra, India |
DIRECTORS
AS ON 22.09.2014
|
Name : |
Dr. Kanumuri Ranga Raju |
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Designation : |
Whole-time director |
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Address : |
8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad – 500 034, Telangana, India |
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Date of Birth/Age : |
05.01.1951 |
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Qualification : |
Ph. D in Pharmacy |
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Date of Appointment : |
01.04.2013 |
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DIN No.: |
00043186 |
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PAN No.: |
ACRPK6274F |
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Name : |
Mr. Kanumuri Krishnam Raju |
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Designation : |
Managing Director |
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Address : |
8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad – 500 034, Telangana, India |
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Date of Birth/Age : |
10.02.1971 |
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Qualification : |
BE in Chemical Engineering, MBA |
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Date of Appointment : |
01.09.2013 |
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DIN No.: |
00064614 |
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PAN No.: |
AEWPK2898A |
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Name : |
Dr. Raju A. Penmasta |
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Designation : |
Director |
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Address : |
22640 Beaverdam Drive, Ashburn, Virginia, USA-20148 |
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Date of Birth/Age : |
22.09.1952 |
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Qualification : |
Ph. D in Organic Chemistry |
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Date of Appointment : |
08.03.1999 |
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DIN No.: |
00897301 |
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Name : |
Dr. Robert Michael Moriarty |
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Designation : |
Director |
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Address : |
3739, Michiana Drive, Michigan City, Indiana, USA-46360 |
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Date of Birth/Age : |
31.05.1965 |
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Qualification : |
Ph. D |
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Date of Appointment : |
25.08.2007 |
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DIN No.: |
00897207 |
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Name : |
Mr. Rajagopal Srirama Tatta |
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Designation : |
Director |
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Address : |
17, Lynwood Way, West Orange, New Jercy, USA-07052 |
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Date of Birth/Age : |
17.05.1951 |
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Qualification : |
Certified Public Accountant (US), CA and MBA |
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Date of Appointment : |
25.08.2007 |
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DIN No.: |
00988348 |
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Name : |
Dr. William Lamar Greene |
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Designation : |
Director |
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Address : |
973, Crestview Dr. San Carlos, California-97070 |
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Date of Birth/Age : |
02.08.1963 |
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Qualification : |
BA and MD |
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Date of Appointment : |
11.09.2008 |
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DIN No.: |
02164781 |
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Name : |
Mr. Gautam Mago |
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Designation : |
Director appointed in casual vacancy |
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Address : |
D-202, Lloys Estate, Wadala (East), Mumbai – 500 037, Maharashtra,
India |
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Date of Birth/Age : |
12.03.1979 |
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Qualification : |
MBA, ICAI |
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Date of Appointment : |
09.02.2012 |
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DIN No.: |
03568682 |
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Name : |
Kanumuru
Mytreyi |
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Designation : |
Additional
Director |
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Address : |
8-2-120/112/A/4,
Road No:9, Jubilee Hills, Hyderabad – 500 034, Telangana, India |
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Date of Appointment : |
26.03.2015 |
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DIN No.: |
00064410 |
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KEY EXECUTIVES
|
Name : |
Mrs. Runa Karan |
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Designation : |
Secretary |
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Address : |
46, MIGH, Behind Ganesh Temple, Vijaynagar Colony, Hyderabad – 500
057, Telangana, India |
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Date of Birth/Age : |
16.08.1974 |
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Date of Appointment : |
03.10.2008 |
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PAN No.: |
AKLPK3369B |
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Name : |
Mr.
Lakshminarayanan Sivaramakrishnan Chittor |
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Designation : |
Chief Finance Officer |
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Address : |
Flat
No.811, Prithvi Block, My Home Navadweepa, Madhapur, Hyderabad – 500 081,
Telangana, India |
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Date of Appointment : |
14.05.2014 |
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PAN No.: |
ACDPS9213J |
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Name : |
Dr.
TVSK Vittal |
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Designation : |
Vice
President |
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Name : |
S
Damodharan |
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Designation : |
Vice
President and Head |
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Name : |
Manjusha
A. Joshi |
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Designation : |
Vice
President |
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Name : |
Ravi
Venkataramanan |
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Designation : |
Vice
President and Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2014
Note:
Shareholding details file attached.
AS ON 22.09.2014
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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37.04 |
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Bodies
corporate |
|
5.92 |
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Directors
or relatives of directors |
|
41.57 |
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Other
top fifty shareholders |
|
15.04 |
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Others
|
|
0.43 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is an integrated CRAM services provider, and
provides drug discovery, development, and manufacturing services to pharmaceutical
and biotechnology companies. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1175 (Approximately) |
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Bankers : |
Bank
of Bahrain and Kuwait B.S.C., 6-3-550, L.B. Bhawan, Akashganga, Somajiguda,
Hyderabad – 500 082, Telangana, India |
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Facilities : |
Notes: Long Term Borrowings: (i) The term loans
includes a) Loans from banks in
foreign currency includes loan taken at interest rate @ 6.56% to 6.99% are
repayable on unequal installment from December 2013 to September 2019. Term
loans from banks are secured by way of pari passu first charge on the fixed
assets and pari passu second charge on present and future current assets. b) Loan from banks in Indian
rupee are taken at interest rate ranging from 13.35% to 15.35%. These loans
are repayable in equal quarterly installments payable from July 2014 to March
2017. Term loans from banks are secured by way of first charge on the fixed
assets and extension of second charge on present and future current assets. (ii) Secured by
respective leased vehicles, equipments and computers purchased under finance
lease, repayable in monthly/quarterly installments. Short Term Borrowings: * Working capital loan
from banks carry interest ranging between 3.7% - 14.5% p.a., computed on a
monthly basis on the actual amount utilised, and are repayable on demand.
These are secured by way of first charge on present and future current assets
and first charge on extension of the fixed assets. |
|
Auditors : |
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|
Name : |
BSRR and Company Chartered Accountants |
|
Address : |
Reliance
Humsafar, IV Floor, Road No.11, Banjara Hills, Hyderabad – 500 034,
Telangana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAKFB1884H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary Company : |
Sai Life Sciences Inc., United States |
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|
Enterprises which are owned, or have significant influence of or are partners
with Key management personnel and their relatives : |
Sai Quest Syn Private Limited, India (CIN No.: U24110TG1998PTC029265) |
CAPITAL STRUCTURE
AS ON 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21400000 |
Equity Shares |
Rs.10/- each |
Rs.214.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13274200 |
Equity Shares |
Rs.10/- each |
Rs.132.742
million |
|
|
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|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21400000 |
Equity Shares |
Rs.10/- each |
Rs.214.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13199200 |
Equity Shares |
Rs.10/- each |
Rs.131.992 million |
|
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|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
|
|
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|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
131.992 |
131.442 |
131.412 |
|
(b) Reserves &
Surplus |
1818.901 |
1583.801 |
1441.613 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1950.893 |
1715.243 |
1573.025 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
631.444 |
421.725 |
228.816 |
|
(b) Deferred tax
liabilities (Net) |
178.270 |
89.306 |
94.137 |
|
(c) Other long term
liabilities |
27.781 |
33.542 |
34.601 |
|
(d) Long-term provisions |
23.316 |
27.039 |
19.813 |
|
Total Non-current
Liabilities (3) |
860.811 |
571.612 |
377.367 |
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
765.392 |
728.658 |
508.146 |
|
(b) Trade payables |
488.254 |
478.933 |
248.987 |
|
(c) Other current
liabilities |
408.556 |
343.262 |
300.008 |
|
(d) Short-term provisions |
34.881 |
41.323 |
19.766 |
|
Total Current Liabilities
(4) |
1697.083 |
1592.176 |
1076.907 |
|
|
|
|
|
|
TOTAL |
4508.787 |
3879.031 |
3027.299 |
|
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|
|
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|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible assets |
2117.775 |
1850.788 |
1648.721 |
|
(ii) Intangible Assets |
2.542 |
1.693 |
0.870 |
|
(iii) Capital
work-in-progress |
43.321 |
161.518 |
36.558 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.384 |
0.384 |
0.384 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
480.992 |
332.446 |
223.211 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2645.014 |
2346.829 |
1909.744 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
12.463 |
11.683 |
10.923 |
|
(b) Inventories |
295.488 |
286.707 |
186.180 |
|
(c) Trade receivables |
1264.105 |
828.309 |
547.433 |
|
(d) Cash and cash
equivalents |
76.191 |
172.530 |
187.158 |
|
(e) Short-term loans and
advances |
126.144 |
128.336 |
135.713 |
|
(f) Other current assets |
89.382 |
104.637 |
50.148 |
|
Total Current Assets |
1863.773 |
1532.202 |
1117.555 |
|
|
|
|
|
|
TOTAL |
4508.787 |
3879.031 |
3027.299 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3320.166 |
2602.505 |
2247.940 |
|
|
|
Other Income |
14.194 |
21.295 |
(10.365) |
|
|
|
TOTAL |
3334.360 |
2623.800 |
2237.575 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1147.683 |
959.947 |
696.018 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
4.165 |
(43.493) |
39.545 |
|
|
|
Employee benefit expense |
863.604 |
736.844 |
643.749 |
|
|
|
Other expenses |
725.413 |
612.722 |
501.170 |
|
|
|
TOTAL |
2740.865 |
2266.020 |
1880.482 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
593.495 |
357.780 |
357.093 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
107.988 |
91.645 |
69.614 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
485.507 |
266.135 |
287.479 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
163.294 |
133.423 |
109.794 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
322.213 |
132.712 |
177.685 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
88.964 |
(9.371) |
49.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
233.249 |
142.083 |
127.794 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
700.736 |
558.653 |
430.859 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
933.985 |
700.736 |
558.653 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of contract research activities |
3241.812 |
2422.964 |
2231.157 |
|
|
TOTAL EARNINGS |
3241.812 |
2422.964 |
2231.157 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
320.155 |
245.745 |
156.097 |
|
|
|
Stores and Consumables |
10.051 |
9.815 |
8.064 |
|
|
|
Capital Goods |
28.535 |
172.067 |
54.637 |
|
|
TOTAL IMPORTS |
358.741 |
427.627 |
218.798 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
17.73 |
10.81 |
9.74 |
|
|
|
- Diluted |
17.51 |
10.43 |
9.50 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long-term debt |
102.030 |
116.694 |
107.337 |
|
Cash generated
from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
141.050 |
59.865 |
297.141 |
|
Net cash flows from (used in) operating
activities |
64.801 |
51.143 |
258.994 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.03 |
5.46 |
5.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.88 |
13.75 |
15.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.22 |
3.57 |
5.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.08 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.77 |
0.74 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
0.96 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Share Capital |
131.412 |
131.442 |
131.992 |
|
Reserves & Surplus |
1441.613 |
1583.801 |
1818.901 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1573.025 |
1715.243 |
1950.893 |
|
|
|
|
|
|
Long-term borrowings |
228.816 |
421.725 |
631.444 |
|
Short term borrowings |
508.146 |
728.658 |
765.392 |
|
Current Maturities of
Long term debt |
107.337 |
116.694 |
102.030 |
|
Total borrowings |
844.299 |
1267.077 |
1498.866 |
|
Debt/Equity ratio |
0.537 |
0.739 |
0.768 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Revenue from operations |
2247.940 |
2602.505 |
3320.166 |
|
|
|
15.773 |
27.576 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Revenue from operations |
2247.940 |
2602.505 |
3320.166 |
|
Profit |
127.794 |
142.083 |
233.249 |
|
|
5.68% |
5.46% |
7.03% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND:
Sai Life Sciences Limited (formerly known as Sai Advantium Pharma
Limited) (the Company or SLSL), was incorporated on 25 January 1999 as a
closely held public limited company. The Company is headquartered in Hyderabad,
India and has facilities in the states of Andhra Pradesh, Karnataka and
Maharashtra. The Company carries out contract research related activities for
customers in the pharmaceutical and biotechnology industry.
FINANCIAL OVERVIEW:
During the current financial year, the Company has registered a total
income of Rs.3334.400 million, a growth of 28% as compared to the previous
year. The profit after tax was Rs.233.300 million as against the Profit of
Rs.142.100 million as reported in the previous year, as certain tax benefits
which were available to the company have ended, thereby increasing the Income
tax expense.
BUSINESS OUTLOOK:
The Global CRAMS market has undergone significant changes with respect
to outsourcing criteria of the new generation drugs under development. Large
pharmaceutical companies, on the back of significant tightening by the
regulatory authorities are looking for outsourcing players that have extensive
synthetic and analytical capabilities and no longer qualify outsourcing
partners based on just plant capacity. Given the average estimated volumes of
new drugs that are coming into the market, customers look for flexible
manufacturing capacities with multi product capability as opposed to a model of
a dedicated fixed line in the past. The Capital expenditure that the Company
has incurred over the last three years has helped Sai become a preferred
development and commercial partner for large pharma companies. The Company
expects to continue its investment on R&D to help increase its
manufacturing revenues.
In addition to the growth in the NCE space, the Company sees a lot of
exciting opportunity in niche formulation development and complex APIs. The
Company believes that the effort spent on developing its own products will
provide significant manufacturing led growth in the coming years.
SAI was recently awarded in the category Reliability CMO 2013 by Life
Science Leader through research performed by Nice Insight. A range of pharma
customers ranked SAI in the top 20% amongst all CMOs in this category.
Sai also received the State Export Excellence Award 2012-13 and State
Export Excellence Award-2011-12 from the Visveshwaraya Trade Promotion Centre,
Government of Karnataka, under the Product Category Drugs and Pharmaceuticals
Micro / Small Enterprise Gold and District Category-Bidar-Gold, on Friday, 21st
February, 2014 in Bangalore.
The Company was also a recipient for the 'Best EOU' (Export Oriented
Unit) from the Ministry of Commerce and Industry, Government of India, for
outstanding export performance for the year 2010-2011.
CHANGE IN CAPITAL
STRUCTURE:
During the financial year 2014-14, 55000 equity shares were issued and
allotted to the employees consequent to the exercise of the stock options
issued by the Company, which resulted in an increase in the paid-up equity
share capital from Rs.131.442 million to Rs.131.992 million.
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10474386 |
09/05/2014 * |
150,000,000.00 |
BANK OF BAHRAIN AND
KUWAIT B.S.C |
6-3-550, L.B. BHAWAN,
AKASHGANGA, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
C03790813 |
|
2 |
10416517 |
09/05/2013 * |
85,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B75085399 |
|
3 |
10414961 |
09/05/2013 * |
50,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, PLOT NO.241/A,
ROAD NO.36, RAJALA TOWERS, 2ND AND 3RD FLOOR, JUBILEE HILLS, HYDERABAD,
ANDHRA PRADESH - 500033, INDIA |
B75084798 |
|
4 |
10368702 |
25/10/2012 * |
274,400,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURCE CIRCLE,
ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B61781662 |
|
5 |
10374871 |
25/10/2012 * |
210,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, PLOT
NO.241/A, ROAD NO.36, RAJALA TOWERS, 2ND AND 3RD FLOOR, JUBILEE HILLS, HYDERABAD,
ANDHRA PRADESH - 500033, INDIA |
B61636882 |
|
6 |
10277527 |
08/07/2015 * |
1,442,000,000.00 |
STATE BANK OF INDIA (LEAD
BANK) |
OVERSEAS BRANCH, MID
CORPORATE GROUP, ROAD NO.36, JUBILEE HILLS, HYDERABAD, TELANGANA -
500033, INDIA |
C58900218 |
|
7 |
10078122 |
08/11/2007 |
80,000,000.00 |
STATE BANK OF HYDERABAD |
PUNJAGUTTA BRANCH, H.
NO.6-3-542/2, "ROSE MADE", PUNJAGUTTA, HYDERABAD, ANDHRA PRADESH -
500082, INDIA |
A28150415 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
i)
Claims against the Company not acknowledged as debt |
|
|
|
(a)
Excise duty matters |
7.248 |
0.000 |
|
(b)
Service tax matters |
3.805 |
3.805 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
Intangible Assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
UK Pound |
1 |
Rs.98.76 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.